Ishaq Dar Claims Pakistan is Rich in Terms of Oil and Gas

Minister for Finance, Ishaq Dar, met up with the Minister of Petroleum and Natural Resources; and Chairman OGDCL, Mr Zahid Muzaffar. The two men were present in order to discuss the issues regarding oil and gas sectors and how the foreign investments should or should not be taken under consideration.

It was further brought to notice how the current consumption of oil and gas is more than what we can produce ourselves.  However, the production of oil has increased in the past one year. According to Ishaq Dar, the production of local oil has increased from 30% to 40%. He believes that this has happened because of the commitment that the Federal Government has shown over the past few years.

It was also brought to notice that 539mmcfd of natural gas has been added to the system recently. However, he claims that this figure can take new heights if we are able to get our hands on the latest and modern equipment that is needed to explore for gas reserves.

He further added that currently there is absolutely no equipment for shale gas exploration and this is why OGDCL has been unable to detect it over the years.

According to sources, Pakistan exploration well success ratio is 1:3 whereas in Middle East it is 1:5 or more.

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Posted by Ahmad Mehdi on Jun 11 2014. Filed under Latest News, National, Pakistan. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.